Safirum's Swiss franc token CHF-S went live on Solana on Tuesday, Nov. 3, adding an on-chain payment option for retail and institutional users with transfers restricted to verified wallets.
Safirum AG, a Swiss fintech based in Canton Zug, says its design follows Swiss requirements, including FINMA Supervisory Notice 06/2024. Individuals must complete know-your-customer (KYC) checks, while businesses undergo know-your-business (KYB) verification. After approval, a wallet can use CHF-S; the token's smart contract blocks transfers involving wallets that have not been cleared.
Safirum says each token in circulation is backed by an equivalent amount of fiat reserves held in segregated accounts at Berner Kantonalbank (BEKB) and Banque Richelieu. The company announced the stablecoin in June 2026.
Safirum lists retail customers, financial institutions and crypto exchanges as potential users. Possible applications include tokenized-asset payments and corporate treasury management, as well as cross-border business transfers and exchange settlement.
The company says it earns revenue mainly from transaction fees rather than returns on reserve holdings. A transfer costs 0.05% of its value, up to 0.50 CHF-S, with network fees charged separately.
Bastien Thiébaud, Safirum's co-founder and CEO, said identity checks could help institutions adopt CHF-S by aligning blockchain payments with traditional financial requirements. Safirum said it plans to add more custodian banks in the near future.
